Just as predicted, the scammers have managed to sidestep the cold-calling ban on pension selling by using a slightly different tactic. No surprise there then. Just as they morphed from pension liberation into high commission investments, it was only a matter of time – well just two weeks to be precise – before a firm called Cadde Wealth Management approached the matter from a different angle. There really is no escape from the cold-calling snake-oil salesmen: lawless, shameless and – unfortunately – quick-witted.
City Wire report that they have seen emails from Adviser Breakthrough on the success of their new pitch. The email reports that appointments had been made for Cadde Wealth Management for pensions advice through cold calling. The firm’s chief executive, Paul Cadde, is also the chief executive of Adviser Breakthrough.
The advice is that they can continue to cold call as long as the intro to the call doesn’t mention “pension advice”. Instead, they are calling and asking if the call receiver needs reviews of ISAs, bonds, cash, unit trusts and any other investments. It seems that these calls can then follow along the lines of the conversation drifting towards the cold-call receiver wanting pension advice. Thus the cold caller can claim they are not cold calling about pensions, but can offer advice in pensions as an after thought.
Oh, how so smart of these silver-tongued, evil con men. They worm their way into people’s heads and finances with a change of script, to escape the new laws. All it seems we can do here in the Pension Life office is sit here wincing and waiting for news of the next big pension scam. Our senses tell us that there is bound to be a rise in QROPS and SIPPS pension scams.
We can see the way these cold calls will work:
Cold calling snake, “Hi, I’m calling to see if you would like a free review on the performance of any ISA’s you own?”
Call victim, “Well, I’m currently very happy with my ISA’s performance, but I am a little worried about my pension plan. Can you help me with my pension?“
Cold calling snake, (rubbing his scales together in glee at the free ride) “I certainly can.”
Bish, Bash, Bosh, the cold-calling snake didn’t call directly regarding pensions advice; the receiver actively asked for it. Therefore, the cold- calling snake committed no offence. Our advice in regards to cold calling is – and always will be – the same: just hang up.
I wouldn’t be surprised if these snake-oil salesmen could master a technique whereby they start off offering double glazing and turn the call into a pension scam call!
Regular readers know how much we love researching financial advisory firms so here goes on Cadde Wealth Management.
Cadde Wealth Management have a TrustPilot score of 7.4 and three and a half stars. However, they have only had one reviewer, so we can’t really trust that!
On to their website – https://www.cadde.co.uk/ – Growing and preserving family finances since 1985.
Run by a feller named Paul Cadde – who apparently qualified as a financial adviser in 1985. We were deeply disappointed to find that he had no registered membership with the CII or the CISI. If you are unsure on what these are please check out our qualified and registered blog.
Not really a great start for Cadde Wealth Management: not only is Mr. Cadde happy to ignore the cold calling ban, but he is also unqualified and unregistered to give financial advice! Also listed on their financial team: Peter Staple, Wyn Matthews, Graham Dragon, Nikki Cadde and Katy Comber. None of these team members are listed on any of necessary financial institutes’ websites’ registers. They also mention Henry the dog: I would suggest he is probably the most honest member of the office!
So, the advice we give is simple: “cold called by a firm called Cadde Wealth Management? Just hang up!”